Belk Inc., which is investing heavily in modernizing its business, expects to reach $6 billion in revenues in five years, chairman and chief executive officer Tim Belk said at the National Retail Federation annual convention on Tuesday.
Last year, the company was just shy of $4 billion, but the Charlotte, N.C.-based, family-run regional department store, expects significant growth through its $600 million, five-year modernization program, which Belk detailed during his presentation at the Jacob K. Javits Convention Center. He said $270 million will be spent on remodels and expansions; $263 million will be spent on new technology; $42 million has been earmarked for branding, and $14 million will be devoted to enhancing service.
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